Source: Fortune
Summary
The Trump administration is moving forward with its attempt to fire Federal Reserve governor Lisa Cook, despite a Supreme Court ruling allowing her to stay in her position while she fights the president’s effort to terminate her over mortgage fraud allegations. The administration is appealing a lower-court ruling in Cook’s favor. Cook has denied the allegations, calling them a “manufactured pretext” to oust her for not bowing to political pressure.
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The strategy enters a familiar phase.
The Trump administration is trying to fire Lisa Cook again, citing the Supreme Court’s requirement of proper notice. Cook’s lawyer, Abbe Lowell, has defended her against the allegations, saying they are “baseless” and “a pretext” to interfere with the independence of the Federal Reserve. The White House letter largely rehashes the year-old allegations, which Cook has denied.
Cook’s case is a test of the limits of presidential power over the Federal Reserve.
Author: Evan Null
